Blackstone Advisory Partners
Selected Transactions

Completed 2006-2008

Company Description
Blue Source, LLC is the leading Verified Emissions Reductions (VERs) portfolio in North America, offering businesses multiple approaches for offsetting greenhouse gas emissions associated with climate change. Blue Source is also a leading developer of carbon capture and storage (CCS) systems, as well as the first and largest source of project investment capital dedicated to CCS and methane management.

Situation Overview
Blackstone first assisted Blue Source in 2006, structuring an investment by private equity firm First Reserve for a 50% equity stake in the company. In 2008, Blackstone advised Blue Source on the establishment of an infrastructure investment fund with affiliates of Och-Ziff Capital Management, including the commitment of up to $500 million of investment capital by Och-Ziff funds, and a direct equity investment in Blue Source by Och-Ziff. Most recently, Blackstone advised Blue Source on a strategic alliance with Goldman Sachs, whereby Goldman Sachs will be the exclusive marketer of Blue Source’s VERs. As part of the alliance, Goldman Sachs also purchased an equity stake in Blue Source.

Transaction Summary
The investments and capital commitments by First Reserve and Och-Ziff have provided Blue Source with the resources needed to build a market-leading franchise. The unique strategic alliance between Blue Source and Goldman Sachs strengthens Blue Source’s leading position by broadening its market reach and provides Goldman Sachs with additional resources to help its clients manage GHG-related risks.

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